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dilemma - your views please

dilemma - your views please

Old Jan 26th 2006, 8:23 am
  #1  
vb2
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Default dilemma - your views please

ok this is the situation and your views would be REALLY appreciated, to start with the whole australia move is to enable my family a better quality of life, and to not end up back in humdrum 9-5 office jobs like we are here!!!

here goes - the house here is sold and going through fingers crossed!!

there is quite a large amount of equity to take to oz with us $160 thousand dollars approx. (well large to us anyway!!)

Here is the dilemma: do we
a) buy a house outright when we get there, i know we wont get the house of our dreams for this but the area we are looking at you can get some pretty reasonable properties for under $150K and we will live mortgage free until we get jobs etc and have a house that it totally our own.

b) invest in a small business, and use the rest as a nice deposit for a house, which will mean we have a regular income coming in, we wont have the humdrum jobs and we have a nice deposit for a house, but will have a mortgage etc. and run the usual risks of owning your own business?

we are on 139 visa so not even sure if we can purchase a business on this visa type - any suggestions?

your thoughts and opinions would be greatly appreciated thanks
vb2
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Old Jan 26th 2006, 8:29 am
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Default Re: dilemma - your views please

Originally Posted by vb2
ok this is the situation and your views would be REALLY appreciated, to start with the whole australia move is to enable my family a better quality of life, and to not end up back in humdrum 9-5 office jobs like we are here!!!

here goes - the house here is sold and going through fingers crossed!!

there is quite a large amount of equity to take to oz with us $160 thousand dollars approx. (well large to us anyway!!)

Here is the dilemma: do we
a) buy a house outright when we get there, i know we wont get the house of our dreams for this but the area we are looking at you can get some pretty reasonable properties for under $150K and we will live mortgage free until we get jobs etc and have a house that it totally our own.

b) invest in a small business, and use the rest as a nice deposit for a house, which will mean we have a regular income coming in, we wont have the humdrum jobs and we have a nice deposit for a house, but will have a mortgage etc. and run the usual risks of owning your own business?

we are on 139 visa so not even sure if we can purchase a business on this visa type - any suggestions?

your thoughts and opinions would be greatly appreciated thanks
vb2

Where abouts in Australia do you intend to settle?


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Old Jan 26th 2006, 8:29 am
  #3  
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Default Re: dilemma - your views please

Originally Posted by vb2
ok this is the situation and your views would be REALLY appreciated, to start with the whole australia move is to enable my family a better quality of life, and to not end up back in humdrum 9-5 office jobs like we are here!!!

here goes - the house here is sold and going through fingers crossed!!

there is quite a large amount of equity to take to oz with us $160 thousand dollars approx. (well large to us anyway!!)

Here is the dilemma: do we
a) buy a house outright when we get there, i know we wont get the house of our dreams for this but the area we are looking at you can get some pretty reasonable properties for under $150K and we will live mortgage free until we get jobs etc and have a house that it totally our own.

b) invest in a small business, and use the rest as a nice deposit for a house, which will mean we have a regular income coming in, we wont have the humdrum jobs and we have a nice deposit for a house, but will have a mortgage etc. and run the usual risks of owning your own business?

we are on 139 visa so not even sure if we can purchase a business on this visa type - any suggestions?

your thoughts and opinions would be greatly appreciated thanks
vb2

Umm! hard one this. I would put most of it into my house with the rest left to buy car etc.
I don't know if they do one of those all in one mortgage deals where your savings off set you mortgage balance. We had the Virgin one account, best thing we ever did.
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Old Jan 26th 2006, 8:32 am
  #4  
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Default Re: dilemma - your views please

thanks for the replies so far

we are starting our journey in stanthorpe (QLD) with the rellies, but we are looking at areas including toowoomba (and suburbs), karalee, riverview and ormiston (i know all very different directions but gives us some good initial starter points!!)

we wont know exactly until we get there and check out the areas for ourselves.

regards

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Old Jan 26th 2006, 8:41 am
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Default Re: dilemma - your views please

Originally Posted by vb2
thanks for the replies so far

we are starting our journey in stanthorpe (QLD) with the rellies, but we are looking at areas including toowoomba (and suburbs), karalee, riverview and ormiston (i know all very different directions but gives us some good initial starter points!!)

we wont know exactly until we get there and check out the areas for ourselves.

regards

vb2

If you do your homework it may turn out okay. Do some reckies into the towns above, maybe even go a little further there maybe some little town you may like. I have friends in Kilarney which is about 2 hours drive from Toowoomba, it's very isolated, but, it's nice. It may not be your thing but, who knows. Anyway good luck with it, let us know how you get on.




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Old Jan 26th 2006, 9:02 am
  #6  
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Default Re: dilemma - your views please

Whereever you go it is wise to rent for a few months until you get the lie of the land and know what you will be doing.

In your case I think that is particularly so as where you decide to live will be influenced by where you work or buy a business.
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Old Jan 26th 2006, 9:13 am
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Default Re: dilemma - your views please

Originally Posted by vb2
ok this is the situation and your views would be REALLY appreciated, to start with the whole australia move is to enable my family a better quality of life, and to not end up back in humdrum 9-5 office jobs like we are here!!!

here goes - the house here is sold and going through fingers crossed!!

there is quite a large amount of equity to take to oz with us $160 thousand dollars approx. (well large to us anyway!!)

Here is the dilemma: do we
a) buy a house outright when we get there, i know we wont get the house of our dreams for this but the area we are looking at you can get some pretty reasonable properties for under $150K and we will live mortgage free until we get jobs etc and have a house that it totally our own.

b) invest in a small business, and use the rest as a nice deposit for a house, which will mean we have a regular income coming in, we wont have the humdrum jobs and we have a nice deposit for a house, but will have a mortgage etc. and run the usual risks of owning your own business?

we are on 139 visa so not even sure if we can purchase a business on this visa type - any suggestions?

your thoughts and opinions would be greatly appreciated thanks
vb2
I'm not sure whether the category of visa permits purchasing your own business and I was wondering where decent property could be found on that budget until you indicated where.

Obviously different people given the same circumstances would choose different courses of action - which is why it is called it on the horns of a dilemma!

Personally, I'd agree with Bix in that I would rent first but it would be because I would buy a business rather than a property and then start taking over the mantle on the Rich List vacated by Kerry Packer from there. I'd agree with Bix too in that buying first might limit you business opportunities. So FWIW, I'd look for the business, rent a property nearby and build up a stake to purchase a property later.

OzTennis

Last edited by OzTennis; Jan 26th 2006 at 9:28 am.
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Old Jan 26th 2006, 9:18 am
  #8  
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Default Re: dilemma - your views please

Originally Posted by vb2
there is quite a large amount of equity to take to oz with us $160 thousand dollars approx. (well large to us anyway!!)

Here is the dilemma: do we
a) buy a house outright when we get there, i know we wont get the house of our dreams for this but the area we are looking at you can get some pretty reasonable properties for under $150K and we will live mortgage free until we get jobs etc and have a house that it totally our own.
Bear in mind all the hidden extras when buying a house. If you're looking at buying a $150,000 house, expect it to cost you $165,000 because of stamp duty and various other charges.
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Old Jan 26th 2006, 9:30 am
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Default Re: dilemma - your views please

Originally Posted by wmoore
Bear in mind all the hidden extras when buying a house. If you're looking at buying a $150,000 house, expect it to cost you $165,000 because of stamp duty and various other charges.
Not to mention a car to go in the garage, furniture that you don't bring with you, electrical appliances, gardening equipment etc, etc. I should have said I would rent a furnished flat/unit or house to begin with and use the bulk of my money for the business!

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Old Jan 26th 2006, 9:52 am
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Default Re: dilemma - your views please

Hi vb2

Great news about the house and the move BTW

Re your question: I don't want to "pee on your bonfire"...but $160k is not a lot of money out here you know

I'm not sure where you intend to live but house prices have gone up a lot these past couple of years and $160k Aussie dollars wont buy you too much I don't think....and I'm not sure it's enough to buy a house outright? Then as Wayne mentioned, you need to take into consideration the extras on top of the sale.

There is also the cost of living here while you look for work and the set up costs for e.g schools, cars, odd bits of household stuff to put you on while your UK stuff arrives etc, etc....

Of course I don't know your individual details so for all I know you could be living rent and food free at someones house when you get here, and you may have found a house for that amount...so who knows

Anyways...whatever happens good luck and hope you realise your dreams after all the hard work involved in emigrating
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Old Jan 26th 2006, 9:57 am
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Default Re: dilemma - your views please

Originally Posted by OzTennis
I'm not sure whether the category of visa permits purchasing your own business and I was wondering where decent property could be found on that budget until you indicated where.

Obviously different people given the same circumstances would choose different courses of action - which is why it is called it on the horns of a dilemma!

Personally, I'd agree with Bix in that I would rent first but it would be because I would buy a business rather than a property and then start taking over the mantle on the Rich List vacated by Kerry Packer from there. I'd agree with Bix too in that buying first might limit you business opportunities. So FWIW, I'd look for the business, rent a property nearby and build up a stake to purchase a property later.

OzTennis
My thoughts exactly.

If you invest in a business, this should (if successful) then earn money to pay for a property.

Also, once you have paid for flights, removals, first few months rent etc etc etc etc, it will eat into your reserves quite quickly, so the $160K will be quite depleted when you get round to buying something.
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Old Jan 26th 2006, 10:44 am
  #12  
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Default Re: dilemma - your views please

my thoughts also!! your views so far have pretty much echoed my own, i am more inclined to invest in a business and then build up money to buy the house of my dreams, obviously its a huge risk and there is money to be lost if all does not go to plan.

Correct again about eating into the reserves also, by the time we have finished furnishing, cars etc. etc. we wont have much left to play with, although we will be living with family for a while, as much as we love them we dont want to be in that area for the long term, we have thought about renting and i totally agree, my husband seems to think that renting is simply "dead money" so he may need some working on!!!!

I shall check out local colleges etc. for short courses on running a business before i decide whether or not to take the plunge, i have done plenty over here, but assume its not the same in oz!! the whole process is a huge learning curve and hopefully we will come out better people at the end whichever choice we make.
thanks for the advice - it is really appreciated!
regards
vb2
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Old Jan 26th 2006, 12:36 pm
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Default Re: dilemma - your views please

Originally Posted by vb2
my thoughts also!! your views so far have pretty much echoed my own, i am more inclined to invest in a business and then build up money to buy the house of my dreams, obviously its a huge risk and there is money to be lost if all does not go to plan.

Correct again about eating into the reserves also, by the time we have finished furnishing, cars etc. etc. we wont have much left to play with, although we will be living with family for a while, as much as we love them we dont want to be in that area for the long term, we have thought about renting and i totally agree, my husband seems to think that renting is simply "dead money" so he may need some working on!!!!

I shall check out local colleges etc. for short courses on running a business before i decide whether or not to take the plunge, i have done plenty over here, but assume its not the same in oz!! the whole process is a huge learning curve and hopefully we will come out better people at the end whichever choice we make.
thanks for the advice - it is really appreciated!
regards
vb2
You've been given some really great afvise but I'd like to put my two penneth into the pot regarding running a business.

Often, those running "successful" small businesses have to put in long hours and have shed loads of stress to boot! You mentioned wanting to get off the 9 to 5 and have a better quality of life - so be careful when getting into business that you don't end up working all the hours god sends. I'm basing this on personal experience as a lot of my family and friends have had businesses of their own and NONE of them work 9 - 5, it's usually much much more.

It might be better to get jobs working for someone else (pt maybe?) and use your money as a deposit on a property you can afford. That way, you'll have more free time and hopefully not too big a mortgage. And when you go home at night, you leave work behind you and ENJOY life.

Hope you work something out which works for you.
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Old Jan 26th 2006, 3:35 pm
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Default Re: dilemma - your views please

Originally Posted by vb2
ok this is the situation and your views would be REALLY appreciated, to start with the whole australia move is to enable my family a better quality of life, and to not end up back in humdrum 9-5 office jobs like we are here!!!

here goes - the house here is sold and going through fingers crossed!!

there is quite a large amount of equity to take to oz with us $160 thousand dollars approx. (well large to us anyway!!)

Here is the dilemma: do we
a) buy a house outright when we get there, i know we wont get the house of our dreams for this but the area we are looking at you can get some pretty reasonable properties for under $150K and we will live mortgage free until we get jobs etc and have a house that it totally our own.

b) invest in a small business, and use the rest as a nice deposit for a house, which will mean we have a regular income coming in, we wont have the humdrum jobs and we have a nice deposit for a house, but will have a mortgage etc. and run the usual risks of owning your own business?

we are on 139 visa so not even sure if we can purchase a business on this visa type - any suggestions?

your thoughts and opinions would be greatly appreciated thanks
vb2
You need to put this in to perspective

If you were in the uk what would you do. If I see my house under those circumstances I would move in to rented, research the area I want to live and the business I may be interested in buying and if they are cost effective.

Remember that buying anything takes time and it is always longer than you want so I always budget for not working/renting for the worse case scenario say 12 months before you turn a reasonable profit.

As indicated already do what is right for you and what you want but make sure it is cost effective what ever it is. Ok say you buy a house for 160K, how do you live if you have spent all your money. Rent a house for 6 months get a job or a business turning over a net profit of 50k you can buy a house of 300k but a least you know you can eat from day to day.

Sorry not an impulsive person very level headed since I married the wife if you saw her you would know why I am so careful will not make the same mistake twice (only kidding Hun if you read this post)

Last edited by jonjon; Jan 26th 2006 at 3:37 pm.
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Old Jan 26th 2006, 9:43 pm
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Default Re: dilemma - your views please

Not too sure how tax is calcultated but if you don't have a morgage you might have to pay more tax. I could be totally wrong but worth checking out.
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